Any Multifamily deals out there?

[Jake Thompson]

Just put an offer in on a duplex in La Mesa, unfortunately the seller accepted another offer. Trying to stay patient, it seems like a lot of small multifamily homes (2-4 units) barely cash flow to cover the mortgage, especially with 0 down and trying to stay in a decent area.  Is anyone else having any luck finding properties here in San Diego?

[Ben Biggs]

First off, the simple fact of the matter is that it's going to be a BATTLE to find cashflowing small multi-family in "Decent" areas of San Diego. Most people own or rent SFR's, there's actually not alot of duplex's, tri's and quad's around.

I would suggest looking into lower income areas that are being gentrified. Look for older homes being refreshed as you hit the pavement for your research. 

Also, San Diego is not a city you are going to find below market multi-family very easily. This place is extremely competitive and like you experience on your recent offer those properties are getting snatched up fast, and probably by people with deeper pockets than you and I. 

Check out the lower income areas. Move fast, and not everyone will like this but i recommend searching out and getting a GREAT agent to help you. If you have an agent who knows what he's doing you can move on properties like that faster and chances are they may be able to pull some strings to get your offer accepted. Just my experience!